The sector’s leading consultancy has launched a new firm to bag more deals and projects
India’s independent real estate services firm ANAROCK Property Consultants launched ANAROCK Retail, a new firm dedicated to retail market. A partnership between ANAROCK and Faithlane Property Consultants will be headed by Anuj Kejriwal as CEO and MD.
“ANAROCK’s entry into the retail real estate domain was really only a matter of time,” says Anuj Puri, Chairman, Anarock Property Consultants. “Despite the multitude of firms active in the retail real estate arena, the disconnect between retailers and the spaces they need has never been wider.”
Many mall owners have been unable to align their products and strategies to the new retail environment. With its team of highly knowledgeable market experts, Anuj Kejriwal’s Faithlane has successfully bridged the gap. ANAROCK Retail is the need of the hour, claims Puri.
In 2017 a large number of malls downed shutters and nearly 5 million sq-ft of retail space was wiped out. The developers are now looking at opportunities to convert the retail spaces into offices, mixed-use spaces, hospitals, etc.
In most cases, developers did not invest in strategic research of the tenanting equation, adequate leasing expertise and the right mall management partners. It is possible to revive a mall if a professional firm reworks the equation at the DNA level. In many cases, the available space can still be turned profitable via focused mixed-use tenanting, ‘reverse modeling’ or a complete revamp of the business model.